Sales at Ann Summers shops rise 15%

Business records pre-tax loss of €776,240, down 28% on 2017

The Ann Summers shop on O’Connell Street prior to its closure. Photograph: Alan Betson/The Irish Times

Bumper sales at the Blanchardstown and Henry Street Ann Summers stores contributed to revenues increasing sharply at the chain’s Irish retail operation to €3.46 million last year.

New accounts show that revenues at Ann Summers Retail Ltd increased by 15 per cent from €3 million to €3.46 million in the 53 weeks to the end of June 30th .

In a statement Ann Summers group chief executive Jacqueline Gold said she was pleased with the 15 per cent growth in sales and a 24 per cent reduction in operating losses to €702,522.

After paying interest charges of €73,718 the business recorded a pre-tax loss of €776,240, down 28 per cent on the pre-tax loss of €1.07 million recorded in 2017.

The principal activity of the business is the sale of lingerie, apparel, adult toys and related accessories.

Ms Gold said that the group continues to make significant investment in its Irish and British operations including IT infrastructure, key flagship stores and a brand re-launch “all of which are part of a long term strategy to grow our business”.

Challenging

Ms Gold added: “We continued to roll out our store refurbishment programme both in the UK and Ireland and our two new flagship stores in Blanchardstown and Dublin continue to outperform the rest of the estate”.

Ms Gold wnet on to say that “undoubtedly, the economic environment in which we are trading continues to be challenging”.

“So whilst we know we face further challenging times ahead, with our new brand purpose and vision for the future. the re-branding work we are doing is already impacting everything we do as a brand and how we communicate with our customers.”

The company opened its Blanchardstown store in 2017 and this followed a new store opening on Dublin’s Henry Street in 2016.

The business shut its flagship store on O’Connell Street in Dublin in December, 2017.

Numbers employed at the business last year increased from 44 to 46 with staff costs increasing from €760,232 to €852,728.

The company incurred a foreign exchange loss of €73,933. The loss also takes account of non-cash depreciation costs of €103,552.

The firm’s operating lease rentals last year declined from €1.29 million to €1.23 million.

Accounts for a separate Irish Ann Summers firm, Ann Summers (Ireland) Ltd show that it returned to pre-tax profit last year of €48,914. This followed revenues at the Ann Summers ‘party-plan’ business increasing by 25 per cent from €149,108 to €190,136 in the 53 weeks to June 30th, 2018.